Washington Mutual Preferred fka WAMPQ

[steved_45]

Has this been discussed?

If H's are turned into equity, then shouldn't the 780MM+ (34/share settlement x 23MM o/s) flow equally to prefs and H's? This alone would put prefs in the money and should grant prefs and H's the equal ability to participate in ownership of the new company.

If I remember right, they wanted to give new shares only to the holders of 1MM or more shares of H's. But with Walrath's decision, it looks like that wouldn't matter anymore.

Thoughts or links?